Lloyds joins Visa and Samsung on 2012 Olympics m-payments

Lloyds joins Visa and Samsung on 2012 Olympics m-payments

Lloyds TSB has joined fellow official London 2012 Olympic and Paralympic sponsors Visa and Samsung on their special Games contactless mobile payments handset.

Visa and Samsung outlined plans for an Olympics handset in March. It will enable members of the public to make low value payments by selecting a Visa mobile contactless application and then waving their handset against equipped terminals.

The firms say they will give out the handsets to sponsored athletes while members of the public can buy them from network operators and get a Visa-enabled SIM card.

Lloyds TSB has now been confirmed as the bank issuance partner, meaning that Olympic handsets given to Visa-sponsored athletes will be linked to the bank's accounts.

Meanwhile, Lloyds TSB is also working towards a wider roll out of m-payments, beginning a large scale internal pilot this month using pre-paid accounts ahead of a commercial launch by the end of the year.

Mike Regnier, director, personal current accounts, Lloyds TSB, says: "The future of payments is changing and Lloyds TSB will be key in transforming the way consumers make purchases, through the launch of mobile payments. Embracing digital innovation is part of our strategy in helping our customers access pioneering products and services."

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